Plastic has become a crucial part of our daily life, most of the products we use are in the plastic form. Plastic waste management has become a dynamic issue in order to maintain a healthy environment and circular economy. The massive amount of plastic wastes come from the household and industries such as packaging, electronics, automobile, agriculture, construction, and others. Plastic recycling is the prime need of the society as it not only reduces carbon footprint but also ensures energy recovery. Behind every single ton of plastic being recycled seven yards of land can be saved and 80% of the energy can be conserved for the production of new plastic materials. Plastic is comparatively cheap and versatile as compared to other substitutes. Recycled plastics are used in the production of a variety of plastics products such as garbage bags, bottles, carpet, clothes, containers, films, and others.

Global Plastic Waste Management Market: Growth Factors

Recycled plastics are used in various industrial applications thus increasing the demand for the global plastic waste management market. Improved recycling rate would provide a new growth opportunity for emerging economies to create jobs across the globe. Plastic waste management will help in reducing fossil fuels consumption and greenhouse gas emissions. It ensures the balance between ecosystem and the circular economy. The various end-use industries where the recycled plastics are used include construction, packaging, agriculture, textiles, and wood & furniture; hence the demand for the plastic waste management has increased dynamically.

Global Plastic Waste Management Market: Segmentation

The global plastic waste management market is categorized based on its type as PS, polypropylene, PVC, polyethylene, PET, and others. Based on the services, the global market is classified into landfills, collection, recycling, and energy recovery. The global market is fragmented based on the end-use industries as wood and furniture, textiles, construction, packaging, and other industrial sectors. Furthermore, on the basis of material type, the global plastic waste management market is segmented as industrial plastic waste and post-consumer plastic waste.

Global Plastic Waste Management Market: Regional Analysis

Most of the government bodies are taking initiatives under the scheme Reduce, Reuse, & Recycle to highlight the conservation of natural resources and reduce pollution. This concept is very well established in Western Europe and North America thus driving the global plastic waste management market growth. Asia-Pacific is considered to emerge as the most attractive region for plastic waste management owing to the increasing government regulation over waste management in this region. Another major reason that is contributing to the market growth is the growing export of plastic waste from Europe and North America to Asian countries such as Hong Kong, India, China, and Thailand have positively influenced the global plastic waste management market. Growing environmental regulations in the Middle East & Africa and Latin America has anticipated creating new opportunities for plastic waste management in future.

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